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Srikant Agarwal

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Income Tax Calculator for last 28 year from FY 1997-98 to FY 2024-25

February 1, 2024 9219 Views 3 comments Print

Explore the Income Tax Calculator covering the last 28 years from FY 1997-98 to FY 2024-25. Analysis of Finance Bill 2024 and insights on choosing between old and new tax regimes.

Understanding Incoterms in International Trade

October 5, 2023 2937 Views 1 comment Print

Learn about Incoterms in international trade, their categories, and responsibilities of buyers and sellers. Choose right Incoterm for your trade transactions.

Whether GST is applicable on Hostel charges collected from students / working professional

February 20, 2022 87048 Views 4 comments Print

In this article we will discuss about GST applicability in case of Hostels. Hostels can be of two types: (1) Hostels maintained by educational institutions (like many school and colleges provides Hostel facility / boarding school facility either compulsory or optional basis) (2) Private Hostels (Provided by individual operators to students and working professionals)

Taxability of interest on Recognised provident fund (Along with calculator)

February 17, 2022 61491 Views 4 comments Print

Till FY 2020-21 contribution to Recognised Provident fund (RPF) was eligible for EEE (Exempt- Exempt- Exempt) This EEE implied that full exemption from tax is given on (1) investment in PF (u/s sec 80C), (2) Interest on PF (u/s 10 upto 9.50%) and (3) withdrawal of PF (u/s 10(12) subject to 5 year service condition) […]

Whether excise duty is payable on mixing of Ethanol with Petrol (under unjust enrichment concept)

February 6, 2022 8193 Views 0 comment Print

Ethanol (primarily a by product from sugarcane and residue of rice and wheat) is mixed with Petrol in the range of 5% to 10% as of now and on world environment day (05.06.2021) PM announced to increase the same to 20% by 2025 for petrol and to mix the same upto 10% in case of […]

Income Tax Calculator for last 26 year from FY 1997-98 to 2022-23

February 4, 2022 38247 Views 3 comments Print

We know the budget finance bill 2022 was presented on 1st February 2022. In this budget no changes was made in income tax slabs for individuals and it remains as below: Old Regime New Regime Assessment Year 2023-24 2023-24 Basic Exemption upto Rs Rs 2,50,000 Rs 2,50,000 Tax @ 5%  Rs 2.50 lac to 5 […]

Refund of Income Tax for COVID 19 related expenses

August 12, 2021 111618 Views 18 comments Print

We know that COVID-19 is one of the major pandemic which has affected each and every person in the world. It has also created a big hole in the pockets of people on account of medical treatment for those affected by COVID. In this article we will discuss about how to claim refund of TDS […]

Can a business owner deduct medical expenses while computing business Income for Income tax

August 10, 2021 32292 Views 0 comment Print

Can a business owner deduct medical expenses while computing business Income for Income tax In recent times medical expenditure has become a major element of cost for every person. Most of the people prefer to have medical insurance to cover medical expenses. However medical insurance does not cover all types of illness (depend upon type […]

Taxability of Compensation & Interest on compensation received from Govt or Insurance companies

August 6, 2021 95721 Views 1 comment Print

Taxability of Compensation and interest on compensation received from Govt or Insurance companies Generally compensation is paid by insurance company or Govt on account of any damage to property or human being on an accident or similar incidents. Example of compensation paid by Govt: On compulsory acquisition of land for development of infrastructure or other […]

Whether Alimony (Compensation in case of Divorce) received by spouse is taxable

February 22, 2021 30441 Views 8 comments Print

The person who pays alimony does not receive any tax benefit on such payment. Even if a part of his salary directly gets deducted by his employer as per the order of competent authority then even he need to pay tax on gross income.

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June 2024